Export Credit Agency Breakfast Briefing Update – U.S. Ex-Im Bank

S&W Client Update

October 16, 2015

On 30 June 2015 the charter for the US Export-Import Bank officially expired. We outline below the recent legislative developments in the U.S. House of Representatives which may lead to the Bank’s reauthorisation.

1. House of Representatives

Discharge petition

On Friday 9 October, 42 Republicans joined 188 Democrats to reach the 218 signatures in the House needed to force a vote to re-authorise the US Export-Import Bank.

The discharge petition was initially filed by three Republican members, and is reproduced below:

‘WASHINGTON, DC - Today, Congressmen Stephen Fincher (TN-08), Adam Kinzinger (IL-16), and Chris Collins (NY-27) released the following statement after filing a discharge petition to allow House consideration of their bill to reform and reauthorize the U.S. Export Import Bank, which supports thousands of jobs across the country by financing the export of American goods and services:

'This Republican-led petition is a procedure to stand up to Washington's broken system that is killing thousands of American jobs and jeopardizing thousands more. Our constituents expect us to fight for them and get the job done, but Congress has failed to even hold a vote to reform and reauthorize the Ex-Im Bank. We refuse to look any more hardworking Americans in the eye and say, 'you lost your job because Congress refused to hold a vote.' This cannot wait any longer. If we do not get this done for the American people, the only thing our country will be exporting is jobs.'

2. Senate

The Senate previously voted 64-29 on July 27 2015 to renew the Export-Import bank. If the House votes in favour of re-authorising the Ex-Im Bank later this month, the Senate will nevertheless have to approve the measure.

When will the votes take place?

House procedural rules require seven legislative days from the date of the last petition signature to pass before the reauthorisation would come up for a vote. There are two days during a month where the petition can be voted on. The earliest the vote could take place is October 26 2015.